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1. REAL ESTATE LAW

2. Table of content
•What is real estate?
•Forms of real estate ownership
•Role of real estate agent
•Purchasing real estate
•What is foreclosure?
•What is an escrow?

3. What is real estate?
• Real Estate is property consisting of land and the
building or buildings on it, along with the natural
resources
• An item of real property; real property referring to
land not only on the face of the earth, but
everything of a permanent nature. Including
structures and minerals
• Also the profession of buying, selling, or renting
land, buildings or houses
• The provinces have exclusive jurisdiction over the
land within their borders, not the Federal
Government

4. Forms of real estate ownership
• Tenancy in Common: when the concurrent owners own a
fractional interest in the property, which may vary according to owner or,
usually, it is divided equally
• Joint Tenancy: same as tenancy in common, but the joint tenants
have an undivided interest with rights of survivorship
• Tenancy by the Entirety: is held by a husband and wife whereby
each owns the undivided whole of the property, coupled with the rights of
survivorship, so that upon the death of one, the survivor is entitled to the
decedent's share.
• Community Property: this a special form of joint tenancy exists
between husband and wife, with each owning a one-half interest. Upon death,
the decedent's interest passes in a manner similar to tenants in common.
• Sole Ownership: Property is owned entirely by one person.

5. Role of real estate agent
• acts as an agent of the seller or the buyer
• seller contracts with real estate agent in standard
listing agreement
• tries to find a buyer that suits the needs of the seller
in return for seller to pay a commission
• buyer can contract with real estate agent to find a
property that suits them in return for a commission
Duties:
• act in the best interest of the principal, seller or
buyer
• act honestly, exercise reasonable care and skill

6. Purchasing Real Estate
• Offer must be in writing and will be made in a
contract of purchase and sale
• If seller accepts and signs offer, this becomes a
binding and enforceable contract by both parties
• If either party breaks any promises, the other party
can sue for damages or specific performances
• Contract of purchase and sale will identify property,
establish price and terms of purchase and sale,
amount of deposit items included in the price and
specific dates

7. What is foreclosure?
The process of taking possession of a mortgaged property
as a result of the mortgagor's failure to keep up mortgage
payments.
• Judicial Foreclosure: is allowed in all states, and occurs
when the lender files a civil lawsuit against the borrower,
with the entire process being handled by the court.
• Non-judicial foreclosure: allows a lender to advertise and
sell the property at a public auction, without court
involvement, by following a process specified by the state.

8. What is an escrow?
Escrow is a deposit of funds, a deed or other instrument by one party for the
delivery to another party upon completion of a particular condition or event.
The duties of an escrow holder include:
•following the instructions given by the principals and parties in a timely manner
•handling the funds and/or documents in accordance with the instruction
•paying all bills as authorized
•responding to authorized requests from the principals
•closing the escrow only when all terms funds in accordance with instructions
•provide an accounting for same : the Closing or Settlement Statement.

9. Contact us
801 N. Brand Blvd. Suite 210
Glendale, CA 91203
Tel. (818) 553-1000
Fax (818) 553-1005
www.facebook.com/MargarianLaw
www.linkedin.com/company/margarian-law
https://www.youtube.com/user/dealerfraudlawyer

10. For further information visit:
http://margarianlaw.com/
https://en.wikipedia.org/wiki/Real_property
http://www.hg.org/realest.html

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